Regtech, Suptech and Beyond: Innovation in Financial Services
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Bermuda: Suptech and regtech supporting the risk-based approach
Monika Adams
Foreword
Preface
Preface
Introduction: Suptech/regtech defined: Payments, sandboxes and beyond
The uncertain prudential treatment of cryptoassets
US regulatory certainty versus uncertainty for crypto and blockchain
Bermuda: Suptech and regtech supporting the risk-based approach
Suptech: A new era of supervisory philosophy
Cloud computing in the financial sector: A global perspective
DeFi protocol risks: The paradox of cryptofinance
IT transformation in the Prudential Authority of South Africa: A case study
Making the vision a reality: Perspectives from the Monetary Authority of Singapore
Lessons from Hong Kong through the lens of the HKMA
Technological change: Is it different this time?
The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision
China’s financing opening up and regulatory convergence with the world
Disclosures and market discipline: The promise of regtech
Regtech and new derivatives developments
Fintech and regtech: Leading the evolution and regulation of alternative investments
The role of artificial intelligence and big data in investment management
The promise and challenges of machine learning in finance
Data privacy and alternative data
Digital ID and financial inclusion
Strategic technology: Regulation and innovation of CBDCs
Regulatory sandboxes: Innovation and financial inclusion
Technology and sandbox development innovation in a transitional market: A case study
Developing the regulatory ecosystem: The evolution of stablecoin
Central bank digital currency, regtech and suptech
Digital dollar: Cryptocurrency for everyday commerce
CFTC regtech implications for virtual currency trading
Fintech, regtech, suptech and central bank decision making
This chapter will provide a basic description of the function and role that supervisory technology (suptech) and regulatory technology (regtech) have played in helping Bermuda achieve global leadership in the fight against financial crime. For clarity, this chapter will define suptech as representing the use of technology by supervisory bodies to enhance the lifecycle of data analysis to better inform their role in supervision, while regtech represents the use of technology by organisations to enhance their organisation’s lifecycle of data analysis and data submissions to meet their regulatory obligations to the jurisdiction or global standards.
Although there may be a variation in their definitions, the aim is the same: to enhance the abilities in the lifecycle of data analysis. In this instance, it is the lifecycle of data analysis for a risk-based approach in preventing the abuse of our financial systems for money laundering and terrorist financing (ML/TF).
The chapter is divided into five sections, commencing with a discussion of the key concepts in the move to digitalisation. The chapter then assesses the story of Bermuda and how it has evolved to use suptech and
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